Citing anonymous sources, VentureBeat now reports that Google has signed off on the deal, agreeing to hand over a cool $1 billion for the gaming-focused streaming service.

Details are thin on the ground at present, and both companies have declined comment, but word is investors are pretty happy with the deal. Yeah, I would be.

Lining up with the earlier rumour, YouTube is said to be spearheading the acquisition, which makes sense; YouTube would then dominate the streaming market, leaving only Ustream as a major competitor. It’s worth noting that Google paid $1.65 billion for YouTube back in 2006, so this acquisition is clearly within its remit.